Statutes > Iowa Statutes > Title 13 - Commerce > Subtitle 2 - Financial Institutions > CHAPTER 524 - BANKS > 524.530 - STATE BANK'S ACQUISITION OF ITS OWN SHARES.

524.530 - STATE BANK'S ACQUISITION OF ITS OWN SHARES.

        524.530  STATE BANK'S ACQUISITION OF ITS OWN SHARES.         1.  With the prior approval of the superintendent, a state bank      may acquire its own shares.  Shares acquired pursuant to this section      constitute authorized but unissued shares except as provided in      subsection 2.         2.  If the articles of incorporation prohibit the reissue of      acquired shares, the number of authorized shares is reduced by the      number of shares acquired, effective upon amendment of the articles      of incorporation.
         Section History: Recent Form
         95 Acts, ch 148, §47         Referred to in § 524.529